ATLANTA, March 11, 2013 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) (the "Company" or "Preferred Apartment Communities") today reported results for the quarter ended December 31, 2012. Unless otherwise indicated, all per share results are reported based on the weighted average shares of Common Stock outstanding on a fully-diluted basis for the period.
"We are pleased that our financial results for the fourth quarter met our expectations, and that our net cash from operating activities of approximately $1,156,000 was more than adequate to fund our declared fourth quarter dividends on both our Common Stock and our Series A Redeemable Preferred Stock which aggregated $979,678," said John A. Williams, Preferred Apartment Communities' Chairman and Chief Executive Officer. Williams added "We are excited about 2013 as we recently completed a $40 million private placement that allowed us to acquire three multifamily communities with 928 units, more than doubling our unit count which now totals 1,693 units."
Fourth Quarter 2012The Company reported that net cash from operating activities was $1,156,045 for the fourth quarter 2012, compared with net cash from operating activities of $794,172 for the fourth quarter 2011, an increase of approximately 46%. The Company reported Adjusted Funds From Operations Attributable to Common Stockholders, or AFFO, of $1,002,352 for the fourth quarter 2012, compared with AFFO of approximately $774,745 for the fourth quarter 2011, an increase of approximately 29%. For the fourth quarter 2012, the Company reported Funds from Operations Attributable to Common Stockholders, or FFO, as defined by the National Association of Real Estate Investment Trusts, or NAREIT, of $993,053, compared with FFO of approximately $621,658 for the fourth quarter 2011, an increase of approximately 60%. AFFO is calculated by beginning with FFO and eliminating certain items that we believe by their nature are not comparable from period to period or tend to obscure the Company's actual operating performance. A reconciliation of net income (loss) attributable to common stockholders to FFO and AFFO is included in the Supplemental Financial Data attached to this press release on our website.
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